U.S. patent application number 12/389749 was filed with the patent office on 2009-09-10 for methods to advance loan proceeds on prepaid cards, associated systems and computer program products.
Invention is credited to Rebecca Ahlers, Troy Larson, Trent Sorbe.
Application Number | 20090228391 12/389749 |
Document ID | / |
Family ID | 41054623 |
Filed Date | 2009-09-10 |
United States Patent
Application |
20090228391 |
Kind Code |
A1 |
Sorbe; Trent ; et
al. |
September 10, 2009 |
Methods To Advance Loan Proceeds On Prepaid Cards, Associated
Systems And Computer Program Products
Abstract
Embodiments of the present invention include systems, computer
program products, and associated computer-implemented methods of
advancing loan proceeds on prepaid cards. Example embodiments
include generating a common interface for loan information when
proceeds from the loan are destined for a prepaid card account. As
understood by those skilled in the art, the common interface of the
embodiments of the present invention is agnostic to the prepaid
card processor. Example embodiments include determining the prepaid
card processor associated with the prepaid card account from the
loan information provided through the common interface and invoking
the prepaid processor as one of the plurality of preselected
prepaid processors available to post the loan proceeds to the
prepaid card account. Example embodiments further include
reconciling the information for the approved loan from the
underwriter with the information from the prepaid card
processor.
Inventors: |
Sorbe; Trent; (Brookings,
SD) ; Larson; Troy; (Brandon, SD) ; Ahlers;
Rebecca; (Cincinnati, OH) |
Correspondence
Address: |
BRACEWELL & GIULIANI LLP
P.O. BOX 61389
HOUSTON
TX
77208-1389
US
|
Family ID: |
41054623 |
Appl. No.: |
12/389749 |
Filed: |
February 20, 2009 |
Related U.S. Patent Documents
|
|
|
|
|
|
Application
Number |
Filing Date |
Patent Number |
|
|
61029975 |
Feb 20, 2008 |
|
|
|
61052454 |
May 12, 2008 |
|
|
|
61042612 |
Apr 4, 2008 |
|
|
|
61042624 |
Apr 4, 2008 |
|
|
|
61032750 |
Feb 29, 2008 |
|
|
|
61060559 |
Jun 11, 2008 |
|
|
|
61082863 |
Jul 23, 2008 |
|
|
|
61053056 |
May 14, 2008 |
|
|
|
Current U.S.
Class: |
705/38 ;
726/7 |
Current CPC
Class: |
G06Q 20/342 20130101;
G06Q 40/025 20130101; G06Q 20/22 20130101; G06Q 40/02 20130101 |
Class at
Publication: |
705/38 ;
726/7 |
International
Class: |
G06Q 40/00 20060101
G06Q040/00; H04L 9/32 20060101 H04L009/32; G06F 21/00 20060101
G06F021/00 |
Claims
1. A system for advancing loan proceeds on prepaid card accounts,
the system comprising: a first computer associated with a lending
institution defining a bank computer, the bank computer having
memory, being associated with the electronic communications
network, being positioned to receive and process loan information
from a second computer associated with an underwriter defining an
underwriter computer, and being positioned to provide loan posting
information to a plurality of third computers associated with
customer prepaid card accounts defining prepaid card processors,
the loan information responsive to a loan application; and a
computer program product associated with the bank computer, stored
on a tangible computer memory media, operable on a computer, and
used to advance loan proceeds to a prepaid card account, the
computer program product including: a common interface module
associated with the bank computer, stored on a tangible computer
memory media and operable on a computer, the common interface
module comprising a set of instructions that, when executed by the
computer, cause the computer to perform the operation of: receiving
data for an approved loan from one or more underwriter computers,
proceeds from the loan being destined for a prepaid card account, a
prepaid card taxonomy module associated with the bank computer,
stored on a tangible computer memory media and operable on a
computer, the prepaid card taxonomy module comprising a set of
instructions that, when executed by the computer, cause the
computer to perform the operations of: classifying prepaid cards
according to an associated prepaid card processor; maintaining a
database that associates prepaid cards with prepaid card
processors; and determining a prepaid card processor associated
with the prepaid card account from loan data provided through the
common interface module from the underwriter computer responsive to
a prepaid card serial number, a format translator module associated
with the bank computer, stored on a tangible computer memory media
and operable on a computer, the format translator module comprising
a set of instructions that, when executed by the computer, cause
the computer to perform the operations of: invoking the associated
prepaid card processor for a given prepaid card responsive to the
determination of the taxonomy module; converting the loan data
received by the common interface module into a processor-specific
instruction; and communicating the converted loan data to the
prepaid card processor to post the loan proceeds to the prepaid
card account so that the loan application is converted into a
prepaid card having an associated value and being capable of
purchasing goods, and a reconciliation module associated with the
bank computer, stored on a tangible computer memory media and
operable on a computer, the reconciliation module comprising a set
of instructions that, when executed by the computer, cause the
computer to perform the operations of: receiving data for the
approved loan from the underwriter computer and the prepaid card
processor, and comparing data for the approved loan from the
underwriter computer and the prepaid card processor to thereby
check for errors.
2. A system of claim 1, wherein the common interface module
includes a single request accepting an extensive mark-up language
(XML) payload, the payload including a section for message content,
a section for a description of the message content, and a section
for exception information pertaining to the message.
3. A system of claim 1, wherein a serial number of a prepaid card
includes a Bank Identification Number, wherein a lending
instruction designates the prepaid card processor for the Bank
Identification Number at a configuration of the Bank Identification
Number, and wherein the prepaid card taxonomy module utilizes the
Bank Identification Number portion of the serial number of a
prepaid card to determine the prepaid card processor.
4. A system of claim 1, wherein the format translator module
further comprises a set of instructions that, when executed by the
computer, cause the computer to perform the operation of:
converting a first data format associated with the common interface
module into one or more second data formats, each of the one or
more second data formats associated with a prepaid card
processor.
5. A system of claim 1, wherein the reconciliation module further
comprises a set of instructions that, when executed by the
computer, cause the computer to perform the operation of: receiving
loan data in flat files from the underwriter computer, from the
prepaid card processor, and from the format translator module;
converting the flat file data into structured database files; and
producing error reports responsive to a comparison of the
structured database files.
6. A system of claim 1, wherein the computer program product
associated with the bank computer further comprises a set of
instructions that, when executed by the computer, cause the
computer to perform the operation of: sending an electronic message
to an address associated with the loan application responsive to
the loan proceeds being posted to thereby provide a visual
depiction of a value being added to the prepaid card.
7. A computer program product associated with a bank computer,
stored on a tangible computer memory media, operable on a computer,
and used to advance loan proceeds to a prepaid card account, the
computer program product comprising a set of instructions that,
when executed by the computer, cause the computer to perform the
operations of: generating, by a first computer associated with a
lending institution defining a bank computer, a common interface
for information for an approved loan to a second computer
associated with an underwriter defining an underwriter computer,
the loan information responsive to a loan application, proceeds
from the loan being destined for a prepaid card account;
determining a prepaid card processor associated with the prepaid
card account from the loan information provided through the common
interface from the underwriter computer to the lending institution
computer responsive to a prepaid card serial number; invoking the
prepaid card processor as one of a plurality of preselected
processors available to post the loan proceeds to the prepaid card
account to thereby convert the loan application into a prepaid card
having an associated value and being capable of purchasing goods;
and reconciling the information for the approved loan from the
underwriter computer with the information from the prepaid card
processor.
8. A computer program product of claim 7, wherein the common
interface includes a single request accepting an extensive mark-up
language (XML) payload, the payload including a section for message
content, a section for a description of the message content, and a
section for exception information pertaining to the message.
9. A computer program product of claim 7, wherein determining a
prepaid card processor associated with the prepaid card account
from the loan information provided through the common interface
from the underwriter computer to the lending institution computer
includes utilizing a database of prepaid card files that associates
prepaid cards with prepaid card processors.
10. A computer program product of claim 7, wherein the plurality of
preselected card processors comprises card data processors
positioned to receive and process card data responsive to
processor-specific interfaces, and wherein the step of invoking the
prepaid card processor comprises utilizing a processor-specific
interface so that a first data format is converted into a second
data format to thereby enable the posting of the loan proceeds to
the prepaid card.
11. A computer program product of claim 7, wherein determining a
prepaid card processor associated with the prepaid card account
from the loan information provided through the common interface
from the underwriter computer to the lending institution computer
includes utilizing a Bank Identification Number portion of a serial
number of the prepaid card to determine the prepaid card
processor.
12. A computer program product of claim 7, further comprising a set
of instructions that, when executed by the computer, cause the
computer to perform the operation of: sending an electronic message
to an address associated with the loan application responsive to
the loan proceeds being posted to thereby provide a visual
depiction of a value being added to the prepaid card.
13. A computer program product of claim 7, further comprising a set
of instructions that, when executed by the computer, cause the
computer to perform the operation of: displaying an account
activity statement, including a purchase, to thereby provide a
visual depiction of a value associated with the prepaid card being
exchanged for goods.
14. A computer-implemented method of advancing loan proceeds on
prepaid cards, the computer-implemented method comprising:
generating, by a first computer associated with a lending
institution defining a bank computer, a common interface for
information for an approved loan to a second computer associated
with an underwriter defining an underwriter computer, the loan
information responsive to a loan application, proceeds from the
loan being destined for a prepaid card account; determining by the
bank computer a prepaid card processor associated with the prepaid
card account from the loan information provided through the common
interface from the underwriter computer to the lending institution
computer responsive to a prepaid card serial number; invoking the
prepaid card processor as one of a plurality of preselected
processors available to post the loan proceeds to the prepaid card
account by the bank computer to thereby convert the loan
application into a prepaid card having an associated value and
being capable of purchasing goods; and reconciling the information
for the approved loan from the underwriter computer with the
information from the prepaid card processor by the bank
computer.
15. A computer-implemented method of claim 14, wherein the common
interface includes a single request accepting an extensive mark-up
language (XML) payload, the payload including a section for message
content, a section for a description of the message content, and a
section for exception information pertaining to the message.
16. A computer-implemented method of claim 14, further comprising:
providing security services, including permitting only known
computer addresses and requiring a user name and a password.
17. A computer-implemented method of claim 14, wherein the
plurality of preselected card processors comprises card data
processors positioned to receive and process card data responsive
to processor-specific interfaces, and wherein the step of invoking
the prepaid card processor comprises utilizing a processor-specific
interface so that a first data format is converted into a second
data format to thereby enable the posting of the loan proceeds to
the prepaid card.
18. A computer-implemented method of claim 14, wherein the step of
determining by the bank computer a prepaid card processor
associated with the prepaid card account from the loan information
includes utilizing a Bank Identification Number portion of a serial
number of the prepaid card to determine the prepaid card
processor.
19. A computer-implemented method of claim 14, further comprising:
sending an electronic message to an address associated with the
loan application responsive to the loan proceeds being posted to
thereby provide a visual depiction of a value being added to the
prepaid card.
20. A computer-implemented method of claim 14, further comprising:
displaying an account activity statement, including a purchase, to
thereby provide a visual depiction of a value associated with the
prepaid card being exchanged for goods.
Description
RELATED APPLICATIONS
[0001] This application claims priority to and the benefit of U.S.
Provisional Patent Application No. 61/029,975, titled "Methods to
Advance Loan Proceeds on Prepaid Cards, Associated Systems and
Computer Program Products", filed on Feb. 20, 2008, incorporated
herein by reference in its entirety. This application relates to:
U.S. Provisional Patent Application Ser. No. 61/052,454, by Sorbe
et al., titled "Transfer Account Systems, Computer Program
Products, and Methods to Prioritize Payments from Preselected Bank
Account" filed May 12, 2008; U.S. Provisional Patent Application
Ser. No. 61/042,612, by Ahlers et al., titled "System, Program
Product, and Associated Methods To Autodraw for Micro-Credit
Attached to a Prepaid Card" filed on Apr. 4, 2008; U.S. Provisional
Patent Application Ser. No. 61/042,624, by Crowe et al., titled
"System, Program Product, and Method To Authorize Draw for Retailer
Optimization" filed on Apr. 4, 2008; U.S. Provisional Patent
Application Ser. No. 61/032,750, by Ahlers et al., titled "Methods,
Program Product, and System for Micro-Loan Management" filed on
Feb. 29, 2008; U.S. Provisional Patent Application Ser. No.
61/060,559, by Galit et al., titled "Methods, Program Product, and
System to Enhance Banking Terms Over Time" filed on Jun. 11, 2008;
U.S. Provisional Patent Application Ser. No. 61/082,863, by Ahlers
et al., titled "System, Program Product, and Method For Debit Card
and Checking Account Autodraw" filed on Jul. 23, 2008; U.S.
Provisional Patent Application Ser. No. 61/053,056, by Galit et
al., titled "System, Program Product, and Method For Loading a Loan
On a Pre-Paid Card" filed on May 14, 2008, all of which are each
incorporated herein by reference in their entireties. This
application also relates to: U.S. patent application Ser. No.
12/338,584, by Sorbe et al., titled "Transfer Account Systems,
Computer Program Products, and Computer-Implemented Methods to
Prioritize Payments from Preselected Bank Account" filed Dec. 18,
2008; U.S. patent application Ser. No. 12/338,645, by Sorbe et al.,
titled "Transfer Account Systems, Computer Program Products, and
Computer-Implemented Methods to Prioritize Payments from
Preselected Bank Account" filed Dec. 18, 2008; U.S. patent
application Ser. No. 12/338,684, by Ahlers et al., titled
"Computer-Implemented Methods, Program Product, and System for
Micro-Loan Management" filed on Dec. 18, 2008; PCT/US08/87660 by
Ahlers et al., titled "Computer-Implemented Methods, Program
Product, and System for Micro-Loan Management" filed on Dec. 19,
2008; U.S. patent application Ser. No. 12/338,712, by Galit et al.,
titled "Computer-Implemented Methods, Program Product, and System
to Enhance Banking Terms Over Time" filed on Dec. 18, 2008; and
PCT/U508/87689 by Galit et al., titled "Computer-Implemented
Methods, Program Product, and System to Enhance Banking Terms Over
Time" filed on Dec. 19, 2008, all of which are each incorporated
herein by reference in their entireties.
BACKGROUND
[0002] 1. Field of Invention
[0003] The present invention relates generally to the financial
service and banking industries, and, more particularly, to systems,
computer program products, and associated computer-implemented
methods to advance loan proceeds on prepaid cards.
[0004] 2. Background
[0005] It is known that millions of prepaid cards are issued each
year in the United States. It is also known that many of the
customers of prepaid cards rely primarily on cash and a prepaid
card account for their personal finances; these customers often do
not have a traditional checking, savings, or other bank deposit
account, and they usually do not write checks.
[0006] It is further known that payroll proceeds, state and federal
government benefits, and other forms of direct or automatic
deposits can be credited to, or posted to, many prepaid card
accounts. In addition, it is known that a retailer can post
proceeds to many of these accounts, typically for a fee. For
example, a customer can bring $150 in cash into a retailer; the
retailer receives the cash and posts the value of the cash, minus a
fee, to the customer's prepaid card account. Thereafter, the
customer can use the money in the prepaid card account to purchase
goods or pay bills, either in person or electronically via the
internet, a kiosk, or a telephone.
[0007] It is also known that proceeds from a loan can be credited
to or posted to a prepaid card. For example, PPI of Irvine, Calif.
will post loan proceeds to a prepaid card account associated with
FSV Payment Systems, Inc., a Houston-based prepaid card processor.
Each of the several prepaid card processors, however, provides a
different interface. Thus, today's solutions for advancing loan
proceeds on a prepaid card, at best, are specific to a particular
card processor. As a result, a lender may offer a loan to those
prepaid card customers, if at all, associated only with a specific
prepaid card processor.
SUMMARY OF INVENTION
[0008] Applicant has identified that the different interfaces of
the existing prepaid card processors are a source of problems with
advancing loan proceeds on a scalable volume of prepaid cards. For
example, these different interfaces can add complexity and can
needlessly limit the ability of a lender to make loans widely
available to customers with prepaid cards. An interface is defined
as a boundary across which two systems interact or communicate,
including the software codes and data formats that applications use
to communicate, as understood by those skilled in the art. From a
customer's point of view, it is desirable to be able to apply for a
loan and have access to the proceeds without having to collect the
loan proceeds in person. Likewise, lenders would like to be able to
offer loans and advance the proceeds conveniently, without
concerning retail space for the delivery of the proceeds. Also from
a customer's point of view, it is desirable for multiple lenders to
be able to compete for the customers business. From a lender's
perspective, it is desirable to be able to make a loan to anyone
with a loadable prepaid card, without regard to the specific
prepaid card processor associated with the customer's prepaid card.
Moreover, it is desirable from a lender's perspective to post loan
proceeds through multiple prepaid card processors, yet mask the
complexity of interacting with various interfaces by utilizing a
single, common interface. In addition to broadening the market of
lenders to prepaid card accounts, the results of a common interface
are reduced error rates and training costs. In view of the
foregoing, Applicant provides computer-implemented methods to
advance loan proceeds on prepaid cards, and associated systems and
computer program products.
[0009] Embodiments of the present invention include generating a
common interface for loan information when proceeds from the loan
are destined for a prepaid card account. As understood by a person
having ordinary skill in the art, the common interface of the
embodiments of the present invention is agnostic to the prepaid
card processor. That is, the common interface covers, works with,
or feeds various prepaid card processors, as understood by those
skilled in the art. Therefore, the information provided through the
common interface will enable the advancing of loan proceeds to
prepaid card accounts associated with a plurality of prepaid card
processors.
[0010] Embodiments of the present invention include a
computer-implemented method of advancing loan proceeds on a prepaid
card, Under the computer-implemented method, a lending institution
computer generates a common interface for information for an
approved loan to an underwriter for loans when proceeds from the
loan are destined for a prepaid card account. After approving the
customer's loan request, the underwriter provides loan information
through the common interface to the lending institution. Next, the
lending institution computer determines a prepaid card processor
associated with the prepaid card account from the loan information
provided through the common interface. For example, the prepaid
card account number can map to a prepaid card processor, as
understood by those skilled in the art. Having determined the
appropriate prepaid card processor, the computer associated with
the lending institution, known as the bank computer, invokes the
prepaid card processor as one of a plurality of preselected
processors available to post the loan proceeds to the prepaid card
account. Once the loan proceeds are posted, the borrower has access
to the proceeds through the prepaid card. The computer-implemented
method further includes the bank computer reconciling the
information for the approved loan from the underwriter with the
information from the prepaid card processor.
[0011] Embodiments of the present invention also can include
selling the loan obligations by the lending institution, as
understood by one skilled in the art.
[0012] Embodiments of the present invention include a computer
program product to implement the methods described and shown.
Embodiments of the present invention include a computer program
product, stored on a tangible computer memory media that is
readable by a computer, for advancing loan proceeds to a prepaid
card account, the computer program product comprising a set of
instructions that, when executed by the computer, cause the
computer to perform various operations. The operations include a
bank computer generating a common interface for information for an
approved loan to an underwriter computer where proceeds from the
loan are destined for a prepaid card account. The operations
continue with determining the prepaid card processor associated
with the prepaid card account from the loan information provided,
as understood by those skilled in the art. Next, the bank computer
invokes the appropriate processor-specific software methods
available from the prepaid card processor associated with the
prepaid card account to post the loan proceeds to the prepaid card
account. Then operations also include the bank computer reconciling
the information for the approved loan from the underwriter computer
with the information from the prepaid card processor.
[0013] A computer program product, according to an embodiment of
the present invention, can include various modules or components.
For example, the computer program product can include a common
interface module to interact and communicate with one or more
underwriter computers, e.g., to receive data for an approved loan.
The computer program product can also include, for example, a
prepaid card taxonomy module to classify prepaid cards according to
an associated prepaid card processor using a portion of the prepaid
card serial number; the taxonomy module can also, for example,
manage a database of prepaid card files. The computer program
product can also include, for example, a format translator module.
Responsive to communication from the taxonomy module, the format
translator module can invoke the associated prepaid card processor
for a given prepaid card, convert the data received by the common
interface into a processor-specific instruction format, and
communicate the converted data to the prepaid card processor. In
addition, the computer program product can also include, for
example, a reconciliation module to receive data, e.g., flat files,
or data files that have no structural relationship as understood by
those skilled in the art, from the format translator module, the
underwriter computer, and the prepaid card processor. The
reconciliation module can also, for example, compare the various
data files to reconcile the data and check for errors.
[0014] In addition, embodiments of the present invention include
improvements and enhancements for systems, computer program
products, and associated computer-implemented methods of advancing
loan proceeds to prepaid card accounts through a single common
interface, the interface agnostic to the prepaid card processor, as
will be understood by those skilled in the art.
BRIEF DESCRIPTION OF DRAWINGS
[0015] So that the manner in which the features and benefits of the
invention, as well as others which will become apparent, may be
understood in more detail, a more particular description of the
invention briefly summarized above may be had by reference to the
embodiments thereof which are illustrated in the appended drawings,
which form a part of this specification. It is also to be noted,
however, that the drawings illustrate only various embodiments of
the invention and are therefore not to be considered limiting of
the invention's scope as it may include other effective embodiments
as well.
[0016] FIG. 1 is a table illustrating method availability by
prepaid card processor according to an embodiment of the present
invention;
[0017] FIG. 2 is a schematic flow diagram illustrating software
architecture according to an embodiment of the present
invention;
[0018] FIG. 3 is a schematic flow diagram of a computer-implemented
method to advance loan proceeds to a prepaid card account according
to another embodiment of the present invention;
[0019] FIG. 4A is a schematic block diagram of a system to advance
loan proceeds to a prepaid card account according to an embodiment
of the present invention;
[0020] FIG. 4B is a schematic diagram of a loan set up flow
according to an embodiment of the present invention;
[0021] FIG. 5 is a schematic block diagram of a computer having a
computer readable medium according to another embodiment of the
present invention;
[0022] FIG. 6 is a front plan view of a display screen of a
computer displaying an online application according to an
embodiment of the present invention;
[0023] FIG. 7 is a front plan view of a display screen of a
computer displaying an excerpt of transaction history statement
according to an embodiment of the present invention;
[0024] FIGS. 8A and 8B are respective front and rear views of a
prepaid card according to an embodiment of the present invention;
and
[0025] FIG. 9 is a front plan view of a display screen of an access
interface device displaying a text message of an account balance
according to an embodiment of the present invention.
DETAILED DESCRIPTION OF INVENTION
[0026] The present invention will now be described more fully
hereinafter with reference to the accompanying drawings, which
illustrate embodiments of the invention. This invention may,
however, be embodied in many different forms and should not be
construed as limited to the illustrated embodiments set forth
herein; rather, these embodiments are provided so that this
disclosure will be thorough and complete, and will fully convey the
scope of the invention to those skilled in the art. Like numbers
refer to like elements throughout.
[0027] Applicant has identified that the different interfaces of
the existing prepaid card processors, as illustrated in FIG. 1, are
a source of problems with advancing loan proceeds on prepaid cards.
Note that no two prepaid card processors provide the same method
availability, and that no prepaid card processor supports every
method. Collectively, the various interfaces add complexity,
needlessly limit the ability of a lender to make loans available to
customers with prepaid cards, increase the error rate for such loan
processing, and result in higher training costs for loans
associated with prepaid card accounts. Embodiments of the present
invention provide a solution to these problems in the context for
advancing loan proceeds to a prepaid card.
[0028] Embodiments of the present invention include generating a
common interface for loan information when proceeds from the loan
are destined for a prepaid card account. As understood by a person
having ordinary skill in the art, the common interface of the
embodiments of the present invention is agnostic to the prepaid
card processor. That is, the common interface works with a
plurality of prepaid card processors, including but not limited to,
for example, FDR, FSV, Galileo, Symmetrex, and TSYS prepaid card
processors, for example, as understood by those skilled in the art.
First Data Corporation, formerly First Data Resources, (FDR) is a
transaction processing company, including prepaid cards, and is
headquartered in Greenwood Village, Colo., as understood by those
skilled in the art. FSV Payment Systems, Inc. (FSV) provides
prepaid technology and stored value processing and is headquartered
in Houston, Tex., as understood by those skilled in the art.
Galileo Processing, Inc. (Galileo) is a privately held, financial
payment processing company based out of Salt Lake City, Utah, as
understood by those skilled in the art. Symmetrex, Inc. (Symmetrex)
is a transaction processing company and a large prepaid card
processor in the United States, located in Maitland, Fla., as
understood by those skilled in the art. With headquarters located
in Columbus, Ga., Total System Services, Inc. (TSYS) provides
electronic payment services to financial institutions and
companies, including consumer-finance, credit, debit, healthcare,
loyalty, prepaid, chip and mobile payments, as understood by those
skilled in the art.
[0029] In an exemplary embodiment of the present invention, the
common interface is generated by a computer program product running
on a computer associated with a lending institution. The lending
institution computer acts a gateway between the computer of the
underwriter and the prepaid card processor. Under the `forwarder`
software architecture for the services provided, as illustrated in
FIG. 2, the lending institution computer forwards loan information
from the underwriter computer to the prepaid card processors,
keeping the entry point of information the same while
differentiating the processor-specific implementations. Separation
of the processor-specific implementation or resources allows for
client software, for example, client software associated with the
underwriter computer, to remain agnostic to the eventual endpoint.
In this exemplary embodiment of the present invention, the gateway
contains a single `Request` method, or request, accepting an XML
payload. As understood by one skilled in the art, the payload
contains a section for message content, a section for a description
of the message content, and a section for exception information
pertaining to the message. In this exemplary embodiment, the
processor servicing gateways are further broken out to utility
libraries to maintain a loosely coupled relationship with SOAP and
processor implementations. Utilities maintain `rules` and
`definitions` within a framework defining the calls, methods,
inputs, outputs, and basic entity models, as shown in 21.
MPS.Srvc.Router 10 provides the common interface.
MPS.Srvc.<<processorName>> 11-15 provide gateway
functionality to the prepaid card processor.
MPS.Util.<<processorNane>> 16-20 provide the
processor-specific implementation. As understood by those having
skill in the art, there are numerous ways and variations for
implementing the present invention.
[0030] Embodiments of the present invention include a
computer-implemented method of advancing loan proceeds on a prepaid
card, as illustrated in FIG. 3. Under the computer-implemented
method, a lending institution computer generates a common interface
for information for an approved loan to an underwriter computer for
loans when proceeds from the loan are destined for a prepaid card
account (block 30). After approving the customer's loan request,
the underwriter computer provides loan information through the
common interface to the lending institution computer Because of the
common interface, the information provided is agnostic to the
prepaid card processor to be used. Next, the lending institution
computer determines a prepaid card processor associated with the
prepaid card account from the loan information provided through the
common interface (block 32). Having determined the appropriate
prepaid card processor, the bank computer invokes the prepaid card
processor as one of a plurality of preselected processors available
to post the loan proceeds to the prepaid card account (block 34).
Once the loan proceeds are posted, the borrower has access to the
proceeds through the prepaid card. The computer-implemented method
further includes the bank computer reconciling the information for
the approved loan from the underwriter with the information from
the prepaid card processor (block 36).
[0031] Reconciling the information for the approved loan from the
underwriter computer with the information from the prepaid card
processor is a form of error-checking for the entire process. For
example, if the underwriter computer indicates an approved loan of
certain amount destined for a prepaid card account and the prepaid
card processor indicates a posting of that certain amount at the
same date and near the same time, then reconciling the information
provides confirmation of success; there is no error. However, in
another example, if the underwriter computer indicates an approved
loan of certain amount destined for a prepaid card account and the
prepaid card processor indicates a posting of a different amount at
the same date and near the same time, then reconciling the
information provides an error, in this case of the amount. As
understood by those skilled in the art, a bank computer reconciling
the information for the approved loan from the underwriter computer
with the information from the prepaid card processor can provide
numerous and different types of errors.
[0032] Embodiments of the present invention further include the
selling the loan obligations by the lending institution, as
understood by one skilled in the art. For example, the lending
institution computer can bundle or package the loan obligations so
that the lending institution can provide more loans than its
lending capacity, as determined by regulations and as understood by
those skilled in the art.
[0033] Embodiments of the present invention also provide a system a
system 60 to advance loan proceeds on a prepaid card, as
illustrated in FIG. 4A. The system 60 includes a first computer
associated with an underwriter defining an underwriter computer 62.
The underwriter computer can have one or more processors 61a,
input/output (I/O) devices 61b, memory 61c, and an optional display
61d. The memory 61c of the underwriter computer 62 can include
computer program products 63 associated with receiving and
approving a loan application. The underwriter computer 62 can
provide information for a loan, or loan data, through an electronic
communications network 66 to a second computer associated with a
lending institution defining a bank computer 68. That is, the
underwriter computer 62 determines whether to approve a loan
responsive to the loan application and sends the approved loan
information to the bank computer 68. The bank computer 68 can have
one or more processors 69a, input/output (I/O) devices 69b, memory
42, an optional display, and storage media 69c. The bank computer
68 receives and processes loan information from the underwriter
computer 62 utilizing a computer program product 71a described
herein. The system 60 also includes a plurality of third computers
associated with customer prepaid card accounts 74, 78 defining
prepaid card processors 72, 76. The prepaid card processors 72, 76
can each have one or more processors 73a, 77a, input/output (I/O)
devices 73b, 77b, and memory 73c, 77c. The prepaid card processors
72, 76 receive posting information from the bank computer 68
through the electronic communications network 66 and, responsive to
a post, credit loan proceeds to a prepaid card account 74, 78.
[0034] Note that although specification describes and illustrates
the underwriter and the lending institution as distinct and
separate entities, those skilled in the art recognize that the
underwriter and the lending institution may be the same entity and
that the underwriter computer 62 may be the same as the bank
computer 68. That is, whether the underwriting functionality is
performed "in-house" at the lending institution, or otherwise, is
not a limitation of the present invention, as understood by those
skilled in the art.
[0035] The embodiments of the present invention also include a
computer program product 71a, as illustrated in FIGS. 4A and 4B,
associated with the bank computer 68, stored on a tangible computer
memory media 42, operable on a computer, and used to advance loan
proceeds to a prepaid card account 74, 78. The computer program
product 71a can include various modules, or components, where each
module is associated with a computer, stored on a tangible computer
memory media and operable on a computer, and includes a set of
instructions that, when executed by the computer, cause the
computer to perform various operations. For example, the computer
program product 71a can include a common interface module 71b
associated with the bank computer 68, stored on a tangible computer
memory media and operable on a computer; the common interface
module can include a set of instructions that, when executed by the
computer, cause the computer to perform the operation of receiving
data for an approved loan from one or more underwriter computers
62, where the proceeds from the loan are destined for a prepaid
card account 74, 78. The computer program product 71a can include,
for example, a prepaid card taxonomy module 71c associated with the
bank computer 68, stored on a tangible computer memory media and
operable on a computer. The prepaid card taxonomy module 71c can
include a set of instructions that, when executed by the computer,
cause the computer to classify prepaid cards according to an
associated prepaid card processor, to maintain and manage a
database 75c of prepaid card files 75d that associates prepaid
cards with prepaid card processors, and to determine a prepaid card
processor associated with the prepaid card account from loan data
provided through the common interface module 71b from the
underwriter computer 62 responsive to a prepaid card serial number.
The computer program product 71a can include, for example, a format
translator module 71d associated with the bank computer 68, stored
on a tangible computer memory media and operable on a computer. The
format translator module 71d can include a set of instructions
that, when executed by the computer, cause the computer to invoke
the associated prepaid card processor 76 for a given prepaid card
responsive to the determination of the taxonomy module 71c, to
convert the loan data received by the common interface module 71b
into a processor-specific instruction format, and to communicate
the converted loan data to the prepaid card processor 76 to post
the loan proceeds to the prepaid card account 78 so that a first
data format is converted into a second data format to thereby
enable the posting of the loan proceeds to the prepaid card and so
that the loan application is converted into a prepaid card having
an associated value and being capable of purchasing goods. The
computer program product 71a can include, for example, a
reconciliation module 71e associated with the bank computer 68,
stored on a tangible computer memory media and operable on a
computer. The reconciliation module 71e can include a set of
instructions that, when executed by the computer, cause the
computer to receive and compare data for the approved loan, e.g.,
flat files 79a, 79b, 79c, or data files that have no structural
relationship as understood by those skilled in the art, from the
underwriter computer 62, from the prepaid card processor 76, and
the format translator module 71d. The reconciliation module can,
for example, converts the flat file data into structured database
files to thereby reconcile the data and check for errors. In
addition, the reconciliation module can, for example, produce error
reports responsive to a comparison of the structured database
files. See also FIG. 4b for data flow between the various modules
according to an embodiment of the present invention.
[0036] A serial number of a prepaid card (see 94 in FIG. 8A) can
include, for example, a Bank Identification Number (BIN) as
understood by those skilled in the art. Each card number issued
within an open payment network, such as, Visa, MasterCard, and
others as understood by those skilled in the art, includes a Bank
Identification Number. Each Bank Identification Number is assigned
to an issuer, i.e., a lending institution, by the open payment
network as understood by those skilled in the art. When the Bank
Identification Number is configured with the open payment network,
the prepaid card processor, or the destination for authorization
and settlement transactions, is designate by the issuer, i.e., the
lending institution, as understood by those skilled in the art.
According to embodiments of the present invention, the prepaid card
taxonomy module 71c can utilize the Bank Identification Number
portion of the serial number of a prepaid card to determine the
prepaid card processor.
[0037] The embodiments of the present invention also include a
computer program product, as illustrated in FIG. 5, associated with
the bank computer 68, stored on a tangible computer memory media
42, operable on a computer 68, the computer program product
comprising a set of instructions 44 that, when executed by the
computer, cause the computer to perform various operations. The
operations include generating a common interface for information
for an approved loan to an underwriter computer from the bank
computer when proceeds from the loan are destined for a prepaid
card account (block 46). The operations also include determining a
prepaid card processor associated with the prepaid card account
from the loan information provided through the common interface
from the underwriter to the lending institution (block 48). The
operations further include invoking the prepaid card processor as
one of a plurality of preselected processors available to post the
loan proceeds to the prepaid card account (block 50). The
operations also include reconciling the information for the
approved loan from the underwriter computer with the information
from the prepaid card processor (block 52). The operations further
include providing security services (block 54), such as permitting
only known and verified computer addresses, requiring user name and
password, and other such application-level and firewall-level
functions, as understood by those skilled in the art.
[0038] As illustrated in FIG. 6, embodiments of the present
invention can include a loan application, e.g., an online loan
application for a prepaid card 201, and representations and visual
depictions 200 of a loan application on interface devices as
understood by those skilled in the art. A loan application 201 can
include, for example, applicant information 203, such as a name
204, an address 205, one or more sources 206 and one or more
amounts of income 207, a prepaid card account number 208 to receive
the loan proceeds, an amount of loan requested 211, and an
electronic address 212. The electronic address 212 can be an e-mail
address, a phone number that accepts text messages, or other
address as understood by those skilled in the art.
[0039] FIGS. 8A and 8B illustrate a prepaid card 90, according to
an embodiment of the present invention. As understood by those
skilled in the art, the prepaid card can have indicia 92, e.g.,
logos, slogans, source identifiers, of a sponsoring bank and of a
prepaid card processor 72, 76; a serial number 94; and expiration
date 96. The structures of various types of specific cards, e.g.,
magnetic stripe 98, type of material, are well known to those
skilled in the art and can be used with embodiments of the present
invention. Typically, a card 90 is formed from plastic and has a
magnetic stripe 98 affixed to the plastic through an application of
heat. Those skilled in the art will understand that other
embodiments besides a magnetic stripe can include radio frequency
identification devices (RFID), smart chips, bar codes, and other
similar devices. Embodiments of the present invention can include
forming cards or receiving cards already formed.
[0040] A magnetic stripe card 90 can store information, or data,
e.g., account information, by modifying the magnetism of particles
on the magnetic stripe 98 on the card. The information can be read
by swiping the card past a reading head, including most
point-of-sale hardware, Typically, there are two tracks of
information on a magnetic card used for financial transactions,
known as tracks 1 and 2. In addition, a third track, known as track
3, can be available for magnetic stripe cards. Tracks 1 and 3, if
available, are typically recorded at 210 bits per inch, while track
2 typically has a recording density of 75 bits per inch. Track 2,
as typically encoded, was developed by the American Bankers
Association (ABA) provides for 37 numeric data characters,
including up to 19 digits for a primary account number (including a
Bank Identification Number as understood by those skilled in the
art), an expiration date, a service code, and discretionary
verification data, such as, a Personal Identification Number, or
PIN. The information on the card can be used, for example, to
facilitate a transaction. For example, when the card 90 is swiped
through a reader, the information on the magnetic stripe 98 is read
and processed by the reader. The reader can then communicate
through an electronic communications network 66 to, for example, a
prepaid card processor 72, 76. The card reader, e.g., point of
sale, communicates the account information as read from the card,
as well as other information, such as, an amount of a proposed
transaction for approval. The other information, for example, can
be entered by merchant personnel (e.g., an amount of the
transaction), the consumer (e.g., a PIN, or security code), or bank
personnel (e.g., a security approval). The prepaid card processor
72, 76 can then utilize the account information and other
information to authorize or reject a purchase by, for example,
determining whether a proposed purchase by the consumer is less
than an amount of funds remaining on the card. Moreover, optional
security measures, including, for example, a mismatch between a PIN
supplied by the consumer and a PIN stored on the card or in a
database, can result in the rejection of a proposed transaction.
The prepaid card processor 72, 76 then perform certain functions,
including responding to the authorization request so that a
point-of-sale displays an indication of approval or rejection,
resulting in a visual depiction to a merchant of the approval or
rejection of the proposed transaction. Also, prepaid card processor
72, 76 can, for example, write data to a database to record a
transaction, to debit available funds from an account associated
with the prepaid card 90, and to credit directly or indirectly a
merchant for a purchase. In addition to purchase authorization,
embodiments of the present invention also can include customer
inquiries into recent transactions or a balance inquiry, i.e., an
amount of remaining value associated with the prepaid card.
[0041] Embodiments of the present invention can also include, for
example, various interface access devices. An interface access
device can include, for example, a point of sale apparatus at a
merchant. An interface access device can also include, for example,
a website that accepts the prepaid card serial number 94, or
account number, either through a reader or through manual entry.
The website can then display to the consumer, for example, a
balance associated with the card or recent transactions.
Embodiments of other interface access devices can further include,
for example, a mobile phone or personal digital assistant (PDA) 130
for sending text messages 131 to thereby provide a visual
representation of a loan amount being posted to a prepaid card. See
FIG. 9. Embodiments can also include, for example, a telephone
interface, including a computerized interactive voice response unit
(IVRU). In another embodiment, a customer interface access computer
can be, for example, an electronic kiosk computer positioned remote
from the merchant point of sale and remote from and in
communication with the prepaid card processor 72, 76 via a
communications network 66. The electronic kiosk computer, for
example, can include a processor, a memory element, a display
device, a user interface device, and a printer. According to
exemplary embodiments of the present invention, the kiosk computer
can be operated and controlled by a merchant, a lending
institution, or a prepaid card processor 72, 76. In embodiments of
the present invention where an electronic kiosk computer is used,
the response to the query can include, for example, displaying
recent transaction data on a display device, or screen, of the
kiosk computer. See also FIG. 7. According to embodiments of the
present invention, the electronic kiosk can be, for example, of
similar construction and operation to kiosks used by airlines to
purchase tickets and print boarding passes at an airport.
Embodiments of various access devices can allow, for example, a
consumer, a merchant, or a bank to interact with a display and/or
user interface (e.g., keypad, keyboard) to perform certain
additional operations, to store certain data, and make changes to
data content associated with an account 74, 78 or with a proposed
transaction.
[0042] As illustrated in FIG. 7, embodiments of interface access
devices advantageously provide a representation of account activity
100, including a transaction 111 in which value associated with a
prepaid card is exchanged for goods. In addition, a representation
of account activity can include a posting of a loan amount to the
prepaid card 110. The visual depiction of a transaction can include
a date 104 and time of the transaction, an amount of credit to the
account 106, an amount of debit from the account 107, an account
balance 108, and a transaction description 105. Embodiments of
interface access devices also advantageously provide a visual
depiction of an amount of value associated with a card so that the
amount of value can be exchanged for goods. Embodiments can
include, for example, visual depictions and representations
displayed on access interface devices to consumers, point-of-sale
devices for merchants, and computer servers for bank personnel. In
addition, embodiments can include, for example, printed
representations, such as, a statement mailed to the consumer
detailing transaction history and balance information, a consumer
statement printed at a kiosk, or an electronic statement available
as, for example, an e-mail or through a website, printed by the
consumer.
[0043] A person having ordinary skill in the art will recognize
that various types of memory are readable by a computer such as
described herein, e.g., underwriter computer, bank computer,
prepaid card processors, or other computers with embodiments of the
present invention. Examples of computer readable media include but
are not limited to: nonvolatile, hard-coded type media such as read
only memories (ROMs), CD-ROMs, and DVD-ROMs, or erasable,
electrically programmable read only memories (EEPROMs), recordable
type media such as floppy disks, hard disk drives, CD-R/RWs,
DVD-RAMs, DVD-R/RWs, DVD+R/RWs, flash drives, memory sticks, and
other newer types of memories, and transmission type media such as
digital and analog communication links. For example, such media can
include operating instructions, as well as instructions related to
the system and the method steps described above and can operate on
a computer. It will be understood by those skilled in the art that
such media can be at other locations instead of or in addition to
the locations described to store program products, e.g., including
software, thereon.
[0044] This application claims priority to and the benefit of U.S.
Provisional Patent Application No. 61/029,975, titled "Methods to
Advance Loan Proceeds on Prepaid Cards, Associated Systems and
Computer Program Productst", filed on Feb. 20, 2008, incorporated
herein by reference in its entirety. This application relates to:
U.S. Provisional Patent Application Ser. No. 61/052,454, by Sorbe
et al., titled "Transfer Account Systems, Computer Program
Products, and Methods to Prioritize Payments from Preselected Bank
Account" filed May 12, 2008; U.S. Provisional Patent Application
Ser. No. 61/042,612, by Ahlers et al., titled "System, Program
Product, and Associated Methods To Autodraw for Micro-Credit
Attached to a Prepaid Card" filed on Apr. 4, 2008; U.S. Provisional
Patent Application Ser. No. 61/042,624, by Crowe et al., titled
"System, Program Product, and Method To Authorize Draw for Retailer
Optimization" filed on Apr. 4, 2008; U.S. Provisional Patent
Application Ser. No. 61/032,750, by Ahlers et al., titled "Methods,
Program Product, and System for Micro-Loan Management" filed on
Feb. 29, 2008; U.S. Provisional Patent Application Ser. No.
61/060,559, by Galit et al., titled "Methods, Program Product, and
System to Enhance Banking Terms Over Time" filed on Jun. 11, 2008;
U.S. Provisional Patent Application Ser. No. 61/082,863, by Ahlers
et al., titled "System, Program Product, and Method For Debit Card
and Checking Account Autodraw" filed on Jul. 23, 2008; U.S.
Provisional Patent Application Ser. No. 61/053,056, by Galit et
al., titled "System, Program Product, and Method For Loading a Loan
On a Pre-Paid Card" filed on May 14, 2008, all of which are each
incorporated herein by reference in their entireties. This
application also relates to: U.S. patent application Ser. No.
12/338,584, by Sorbe et al., titled "Transfer Account Systems,
Computer Program Products, and Computer-Implemented Methods to
Prioritize Payments from Preselected Bank Account" filed Dec. 18,
2008; U.S. patent application Ser. No. 12/338,645, by Sorbe et al.,
titled "Transfer Account Systems, Computer Program Products, and
Computer-Implemented Methods to Prioritize Payments from
Preselected Bank Account" filed Dec. 18, 2008; U.S. patent
application Ser. No. 12/338,684, by Ahlers et al., titled
"Computer-Implemented Methods, Program Product, and System for
Micro-Loan Management" filed on Dec. 18, 2008; PCT/US08/87660 by
Ahlers et al., titled "Computer-Implemented Methods, Program
Product, and System for Micro-Loan Management" filed on Dec. 19,
2008; U.S. patent application Ser. No. 12/338,712, by Galit et al.,
titled "Computer-Implemented Methods, Program Product, and System
to Enhance Banking Terms Over Time" filed on Dec. 18, 2008; and
PCT/JS08/87689 by Galit et al., titled "Computer-Implemented
Methods, Program Product, and System to Enhance Banking Terms Over
Time" filed on Dec. 19, 2008, all of which are each incorporated
herein by reference in their entireties.
[0045] Many modifications and other embodiments of the invention
will come to the mind of one skilled in the art having the benefit
of the teachings presented in the foregoing descriptions and the
associated drawings. Therefore, it is to be understood that the
invention is not to be limited to the illustrated embodiments
disclosed, and that modifications and other embodiments are
intended to be included within the scope of the appended
claims.
* * * * *